Smoothieopath
Long

A potential 500 pip retracement on USDCAD

FX:USDCAD   U.S. Dollar/Canadian Dollar
104 1 5
We are clearly in an uptrend on a weekly chart, however, the most recent downward retracement has been steep and rather aggressive, signalling that possibly we will be headed down soon. BUT, after sharp moves there follow sharp pullbacks (usually). Seeing how the price has approached the shortterm uptrend line, the moving averages are all lined up above each other from the smallest to the largest, seeing how stochastics are also signalling the pair being oversold, it all depends on how the current candle ends up by the end of today. If we get a rejection candle ( pin bar , wick, doji , call it whatever you are comfortable with), I will be looking for entries LONG on smaller charts with a target of around 1.3750. If the uptrend line will end up being penetrated today, or we don't get the rejection candle, I will be neutral, still waiting for signs of a pullback, as it is imminent in my opinion after a fall like this. Happy trading.
Waiting for this week's candle, so far, obviously no entry.
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